Looks like it to me:
Now keep in mind this is a ratio chart. If the trend projection plays out, it does not necessarily mean that Gold will go up in price. Nor does it mean that the SPX will go down in price. It just means that Gold will do better than the SPX on a relative basis. This could mean: 1. Gold rises faster than the SPX, 2. Gold goes up while the SPX goes down, 3. Gold goes down but less rapidly than the SPX. All three are viable scenarios if the Gold/SPX ratio is in a rising trend.